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Public Works Loan Commissioners — Interest On Loans — Harbour Loans

Volume 282: debated on Thursday 2 August 1883

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asked Mr. Chancellor of the Exchequer, Whether it is proposed in the Public Works Loan Bill of the present Session to make any change in the rate of interest at which the Public Works Loan Commissioners are at present empowered to advance money in pursuance of "The Harbours and Passing Tolls Act, 1861?"

No, Sir; the question will require much consideration, which I hope to give it during the Recess. The scale adopted by the late Government was decided upon after much deliberation, and could not be disturbed by the present Board of Treasury until they have well weighed the Report and Evidence of my hon. Friend's Committee.

In consequence of the answer of the right hon. Gentleman, I beg to give Notice that on the earliest day I can obtain next Session, I shall call attention to the fact that at the time the Treasury was willing to give its assent to a loan of £8,000,000 to a foreign Company, at 31 per cent, it was found impossible to sanction loans for harbour construction or improvements in our own country, on security carefully inquired into and investigated by the Public Works Loan Commissioners, for a period of 40 or 50 years, at a lower rate of interest than 4¼ per cent, and I shall move a Resolution.